Provincial Outlook Executive Summary: Summer 2019 (WEB)
This quarterly economic forecast provides highlights of the Provincial Outlook report, which presents the short-term outlook for Canada's provinces.
- Although the momentum is picking up, the Canadian economy is projected to grow by just 1.4 per cent in 2019.
- While the Canadian economy is showing improvement, it is a mixed performance across the provinces.
- Prospects for the Alberta and Saskatchewan economies are weak this year; they will be facing a contraction in overall real GDP growth.
- In British Columbia, the economic outlook is more positive, yet still moderate, as investment from public projects and LNG Canada compensates for the correction in the resale housing market.
- Quebec’s economic growth will be one of the strongest in the country this year but will quickly fade in the next few years. Economic prospects are modest for Ontario.
- The increasing labour force is benefiting, and raising, growth prospects in three of the Atlantic provinces. However, Newfoundland and Labrador will not enjoy the boost, although stronger oil production will strengthen real economic growth in the near term.